So the collection includes three packs (Death Vessel Pack, Kraken Ship Pack, Crusader & Florentine Pack) that go to customizing your ship, two multiplayer packs that adds new playable characters and other multiplayer specific things, and the Illustrious Pirates Pack which adds three new islands to explore among other content.
The biggest inclusion here is the Freedom Cry downloadable content, starring Adewale in nine self-contained story missions. All this can be yours on March 28 for the Xbox One, PlayStation 4, and PC.
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destructoid's previous coverage: Assassin's Creed IV: Black Flag Jackdaw Edition